AMSTERDAM and MIAMI, Feb. 22, 2011 /PRNewswire/ -- AerCap Holdings N.V. ("AerCap,"NYSE: AER) announced today that its subsidiary AeroTurbine, Inc., Miami, has signed a four year exclusive agreement with American Airlines. Under this agreement, AeroTurbine will have exclusive rights to purchase material deemed surplus by American Airlines and remarket the material globally.
AeroTurbine and American Airlines will jointly run a warehouse in Tulsa, Oklahoma to prepare the material for remarketing. Furthermore, AeroTurbine will locate personnel on-site within American Airlines to research additional opportunities to reduce American Airlines' inventory levels.
"American Airlines is a strategically important relationship for AeroTurbine, one we have worked long and hard on developing," said Michael King, AeroTurbine President and Chief Executive Officer. "Our desire is for this agreement to lay the foundation for a long term business relationship including all of AeroTurbine's products and services. Our expansive global footprint and highly experienced remarketing capabilities were the differentiating factor for reaching this agreement in a competitive environment."
About AerCap and AeroTurbine
AerCap is an integrated global aviation company with a leading market position in aircraft and engine leasing, trading and parts sales. AeroTurbine is a subsidiary of AerCap focusing on engine leasing and trading, airframe and engine disassembly, aviation supply chain solutions, part sales and MRO services.
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SOURCE AerCap Holdings N.V.